Published Wednesday, Feb. 27, 2002
WHEATLAND, SHARON
Wheatland, A.K. Steel deal not completedWheatland Tube Co. acknowledged it wouldn't close the deal to buy A.K. Steel Sawhill Tubular Division by Thursday as it had hoped but that it still expects to reach a final deal.
"We're working as hard as we can to conclude it,'' said Bill Kerins, Wheatland Tube Co.'s vice president.
Citing confidentiality agreements, he declined to speculate when a final deal would be reached or what, if any, issues arose that may have slowed the sale.
In December Wheatland Tube's owner, John Maneely Co., announced it signed a letter of intent to buy Sawhill from AK Steel Holdings Corp., Sawhill's owner.
At the time AK Steel said "the Sawhill division product line did not fit into its long-range market strategy." AK Steel's core business is steel production.
Under the sale Maneely would get all three Sawhill plants in Sharon, Wheatland and Warren, Ohio. Sawhill employs about 775 at the three plants with about 450 in Sharon, 125 or so in Wheatland and about 200 Warren.